Every business, no matter what type, owns some property, be it a building, production equipment, stock or office contents. The cost of replacing such items can be staggering and have a devastating financial impact on your company. For this reason, you should be able to replace them quickly and according to their actual value.
For an accurate assessment of the value of your commercial property and to get suitable insurance, talk to your Ultima broker.
Which companies should think about getting commercial property insurance?
- All types of companies
- Retail businesses
- Property owners
What are the most common risks in commercial property insurance?
- All forms of water damage
- Fire and smoke damage
- Theft and vandalism
- Natural disasters
What does commercial property insurance protection typically cover?
- The building
- Office contents
- Computer equipment (not including data)
- Goods in transit
- Loss of revenue (lower company income and profits after a loss)
- Tools and equipment
- Production equipment
Where needed, a company can also purchase additional protections, such as coverage for:
- Additional costs resulting from the damage, as well as accounting fees or the cost of renting temporary premises
- Municipal bylaws, since in some cases, laws and regulations can keep you from rebuilding on the same site
To get protection that’s appropriate for your situation, talk to your Ultima broker.
Prevention tips for businesses in the area of commercial property insurance
- Set up a prevention committee and an inspection program.
- Perform the work or make the changes stipulated in the loss control report.
- Have a fire alarm system connected to a central station.
- Implement a preventative maintenance program.
To find out more about commercial property insurance, contact Ultima now.